SUPPLEMENT TO THE NORTH CAROLINA CAPITAL MANAGEMENT TRUST'S
AUGUST 19, 1997
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING NON-FUNDAMENTAL LIMITATION REPLACES LIMITATION (I) FOUND
IN THE "INVESTMENT POLICIES AND LIMITATIONS" SECTION FOR CASH
PORTFOLIO BEGINNING ON PAGE S-2.
(i) The fund does not currently intend to purchase a security (other
than obligations issued or guaranteed as to principal and interest by
the government of the United States, its agencies or
instrumentalities) if, as a result, more than 5% of its total assets
would be invested in the securities of a single issuer;
provided that, with respect to certificates of deposit and bankers'
acceptances, the fund may invest up to 10% of its total assets in
the first tier securities of a single issuer for up to three business
days.
THE FOLLOWING INFORMATION SUPPLEMENTS THE INVESTMENT LIMITATIONS OF
CASH PORTFOLIO BEGINNING ON PAGE S-2.
For purposes of limitations (1) and (i), certain securities subject to
guarantees (including insurance, letters of credit and demand
features) are not considered securities of their issuer, but are
subject to separate diversification requirements, in accordance with
industry standard requirements for money market funds.
THE FOLLOWING INFORMATION FOUND IN THE "TRUSTEES AND OFFICERS" SECTION
BEGINNING ON PAGE S-18 HAS BEEN REMOVED.
BURNELL R. STEHMAN (65), Vice President of Cash Portfolio (1991), is
Vice President of FMR Texas (1989) and of other funds advised by FMR.
